Dividend Payment

HSBC HOLDINGS PLC
27 September 1999


PAYMENT OF DIVIDENDS IN UNITED STATES DOLLARS, STERLING OR HONG
KONG DOLLARS

On 2 August 1999, the Directors of HSBC Holdings plc declared a
first interim dividend for 1999 of US$0.133 per ordinary share.
The dividend is payable on 7 October 1999 to shareholders on the
Principal Register or Hong Kong Overseas Branch Register at close
of business on 20 August 1999 in cash in US dollars, sterling
or Hong Kong dollars or a combination of these currencies and with
a scrip dividend alternative.  In the absence of instructions or
elections to the contrary, Shareholders on the Principal Register
will automatically receive dividends in sterling and Shareholders
on the Hong Kong Overseas Branch Register will automatically
receive dividends in Hong Kong dollars.

Dividends payable in cash in sterling or Hong Kong dollars will be
converted from United States dollars at the forward exchange rates
quoted by HSBC Bank plc in London at 11 am on 27 September 1999
(US$1 = HK$7.7660 and £1 = US$1.6503).  Accordingly, the amount
payable on 7 October 1999 will be:

US$0.133 per share;
approximately HK$1.032878 per share; or
approximately £0.080591 per share.

I B Marshall
Deputy Secretary
HSBC Holdings plc